The region’s total trade in goods in December 2019 increased to $264.29 million from $85.06 million in the same period in 2018, a significant increase of 210.72 percent.
Total value of exports amounted to $255.05 million. This figure is 15 folds higher compared with the $16.47 million exports in December 2018. Total value of imports, meanwhile, significantly decreased by 86.53 percent. The $68.59 million imports in December 2018 dropped to $9.24 million in December 2019.
Consequently, the region posted a $245.81 million surplus in the total Balance of Trade in Goods (BoT-G) in December 2019. This is a significant rebound that is almost five (5) times to the $52.12 million trade deficit in December 2018 (Table 1).
The region’s total volume of exports in December 2019 was posted at 143.45 million kilograms valued at $255.05 million.
The commodity group of copper and articles thereof was the major export during the month in review with $175.85 million total revenue. This accounted for 68.95 percent of the region’s total export revenue in December 2019.
The second major export of the region in December 2019 was the commodity group of natural or cultured pearls, precious or semi-precious stones, precious metal, metal clad with precious metals and articles thereof; imitation jewellery; coin. This commodity group posted an export revenue of $61.39 million, which shared almost a quarter or 24.07 percent of the total export revenue. Meanwhile, animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group recorded $12.26 million export revenue or 4.81 percent of the total export revenue during the month in review (Table 2).
People’s Republic of China was the top export market destination with $126.04 million total export revenue. It shared almost half or 49.42 percent of the region’s total exports in December 2019. Hong Kong ranked second with $61.39 million export revenue or 24.07 percent of the total export revenue of the region in December 2019. Thailand followed with $35.54 million export revenue, which accounted for 13.94 percent of the region’s total exports during the month in review (Table 3).
The region’s total imports amounted to $9.24 million in December 2019 with total gross weight of 43.56 million kilograms.
Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes commodity group was the major import during the month with total revenue of $5.44 million. This comprised more than half or 58.93 percent of the region’s total imports in December 2019.
Cereals commodity group shared 15.21 percent of the region’s total imports in December 2019 valued at $1.41 million. While inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth, of radio-active elements or of isotopes commodity group valued at $0.78 million. This comprised 8.46 percent of the total imports of the region during the month in review (Table 4).
The top import supplier of the region in December 2019 was Vietnam. Their total import bill of $3.48 million comprised 37.71 percent of the region’s total imports. People’s Republic of China ranked second with $2.61 million import bill or 28.26 percent of the total imports. Republic of Korea followed with total imports valued at $1.85 million. This contributed 20.05 percent to the total regional imports during the reference month (Table 5).